Assembly Actions -
Senate Actions - UPPERCASE
|May 13, 2019||
recommit, enacting clause stricken
|Jan 09, 2019||
referred to local government
Senate Bill S322
2019-2020 Legislative Session
Archive: Last Bill Status - Stricken
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2019-S322 (ACTIVE) - Details
- See Assembly Version of this Bill:
- Law Section:
- General Municipal Law
- Laws Affected:
- Amd §10, Gen Muni L; amd §§454, 237, 234 & 383, add §454-a, Bank L
- Versions Introduced in Other Legislative Sessions:
2013-2014: S4672, A1112
2015-2016: S4785, A7017
2017-2018: S286, A7619
2021-2022: S670, A7334, A8289
2023-2024: S1453, A3246
2019-S322 (ACTIVE) - Sponsor Memo
BILL NUMBER: S322 SPONSOR: ROBACH TITLE OF BILL: An act to amend the general municipal law and the banking law, in relation to allowing credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations PURPOSE: To allow savings banks, savings and loan associations and Credit unions to accept deposits from municipalities. SUMMARY: Section 1 changes the definition of "bank" to include credit unions, or federal credit unions, savings banks and savings & loan associations. Section 2. adds accepting deposits from a local government to the gener- al powers of a credit union.
2019-S322 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 322 2019-2020 Regular Sessions I N S E N A T E (PREFILED) January 9, 2019 ___________ Introduced by Sen. ROBACH -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the general municipal law and the banking law, in relation to allowing credit unions, savings banks, savings and loan associations and federal savings associations to accept and secure deposits from municipal corporations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph d of subdivision 1 of section 10 of the general municipal law, as amended by chapter 623 of the laws of 1998, is amended to read as follows: d. "Bank" shall mean a bank as defined by the banking law or a national banking association located and authorized to do business in New York; A CREDIT UNION AS DEFINED BY THE BANKING LAW OR A FEDERAL CREDIT UNION LOCATED AND AUTHORIZED TO DO BUSINESS IN NEW YORK WHICH HAS ITS PRINCIPAL OFFICE IN A LOCATION DESCRIBED IN PARAGRAPH (A) OF SUBDI- VISION THIRTY-EIGHT OF SECTION FOUR HUNDRED FIFTY-FOUR OF THE BANKING LAW, OR A BRANCH OFFICE IN A LOCATION DESCRIBED IN PARAGRAPH (B) OF SUBDIVISION THIRTY-EIGHT OF SECTION FOUR HUNDRED FIFTY-FOUR OF THE BANK- ING LAW; OR A SAVINGS BANK AS DEFINED BY THE BANKING LAW, A SAVINGS AND LOAN ASSOCIATION AS DEFINED BY THE BANKING LAW OR A FEDERAL SAVINGS ASSOCIATION LOCATED AND AUTHORIZED TO DO BUSINESS IN NEW YORK WHICH HAS ITS PRINCIPAL OFFICE IN A LOCATION DESCRIBED IN PARAGRAPH (A) OF SUBDI- VISION TWO OF SECTION TWO HUNDRED THIRTY-SEVEN OF THE BANKING LAW, OR A BRANCH OFFICE IN A LOCATION DESCRIBED IN PARAGRAPH (B) OF SUBDIVISION TWO OF SECTION TWO HUNDRED THIRTY-SEVEN OF THE BANKING LAW. § 2. Section 454 of the banking law is amended by adding a new subdi- vision 38 to read as follows: 38. (A) TO ACCEPT DEPOSITS FOR CREDIT TO A LOCAL GOVERNMENT, AS DEFINED IN PARAGRAPH A OF SUBDIVISION ONE OF SECTION TEN OF THE GENERAL EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.